Papain Market Size to Grow at a CAGR of 4.67% During the Forecast Period 2020–2025

Papain Market size was valued at $169.37M by 2019 and is anticipated to grow at a CAGR of 4.67% during the forecast period 2020-2025. The Papain Market growth rate is attributed to rising health concerns among the consumers, high demand for meat tenderizers, and increasing demand for natural enzymes. Papain is a protease enzyme of endolytic cysteine found in papaya latex. Papain is obtained by removing the unripe papaya's skin from the papaya, and then extracting and drying the latex. In contrast with yellow and ripened papaya, the quality of the papain is more of the green papaya. Papain belongs to the Papain enzyme superfamily. Papain demonstrates the extensive proteolytic activity of proteins, amino acids, amides, and short-chain peptides. In the food and medicine field, it is rigorously used. Papain is used to cleave peptide bonds preferentially, including essential amino acids, particularly arginine, lysine, and phenylalanine. In pharmaceuticals, drug design, the food industry, and industrial applications, Papain has diverse applications. Papain is used as a debris remover, sports injury prevention, allergies, and other health-related concerns. Papain is a meat tenderizer often used in the meat industry. Papain is also used in the brewery chapter.
The growth of the global papain market, which includes growing consumer health issues, rising applications in the pharmaceutical and food industries, is fuelled by several factors. In addition, the rise in papain usage in the various end-user industries has led to an increase in demand for papain, which fuels the growth of the market. In order to meet the increasing demand for papain-related products, companies that manufacture papain-related products are investing heavily in research and development. However, market growth is limited by the availability of artificial enzymes. Technological advances in the production of papain have contributed to an increase in the production of papain, which is anticipated to provide the market with growth opportunities.

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Papain Market Segment Analysis-By End Use

On the basis of end-use, food & beverage segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 4.4%. The reason is being attributed the rising health concerns amongst the consumers are fueling the growth of the global papain powder market. Additionally, the demand is driven by factors such as increasing demand for meat tenderizers for meat products and increasing demand for natural enzymes. Simultaneously, due to the presence of regulatory norms, the manufacturers are heavily investing in research and development of papain to meet regulatory specifications. Furthermore, macroeconomics factors such as increasing population, rapid urbanization, and increasing disposable incomes are positively influencing the growth of the global papain powder market.
Apart from this, the pharmaceutical segment is poised to mark the highest segmental growth owing to the medicinal properties of papain make it significant in treating parasitic worms, diarrhea, inflammation of the throat and pharynx, shingles symptoms, runny nose, hay fever, psoriasis, etc. It is also used in preparing several remedies for ulcers, indigestion, fever, and swelling. For instance, according to ‘2010 animal study’ by the U.S. NCBI (National Center for Biotechnology Information), papain was approved to be applied as a natural therapy for wounds, skin ulcers, and other skin infections. NCBI also concluded that the product is safe and effective for treating various types of injuries in different healing stages, as per its ‘2012 systematic review’.

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Papain Market Segment Analysis-By Geography

North America dominated the Papain Market with a share of 34% in 2019. The application of Papain has grown rapidly over the last few years owing to the increasing consumer awareness and population shift for the use of natural products are considered to be one of the significant reasons for the rising growth in use of natural proteolytic enzyme such as papain in the North American market. Approximately 95% of the meat tenderizing enzymes consumed in the U.S. is from the plant proteases of papain.
However, it is projected that the Asia Pacific region will see maximum growth in the global papain market over the forecast period, owing to several applications of papain products in medicine, textiles, meat tenderization and many others In addition, Asia-Pacific identified as a key investment area in the near future, which will not only help businesses recognize the competitive role of the global papain industry, but will also allow strategic decisions in the near future to capture the most lucrative areas.

Papain Market Drivers

Growing Consumer Health Issues

With growing consumer health issues, high demand for meat tenderizers, and rising demand for natural enzymes are the crucial factors driving the growth of the world papain industry. In order to counter this, players in the papain market are investing in research and development and production of papain in order to meet the regulatory requirements with rising demand. The increasing population, the rapid pace of urbanisation, and rising domestic income are some of the macroeconomic factors that have a positive effect on the global papain market. Mergers and acquisitions between papain growers and papaya suppliers are the trend found in the worldwide papain industry. The company manufacturing papain products has a significant opportunity in regions such as North America, Europe, and the Asia Pacific, attributed to high demand for natural enzymes and growing health consciousness among a large number of populations.

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Papain Market Challenges

Availability of Cheap and Easily Available Substitutes

Some restraints that are limiting the growth of the global papain powder market. The availability of cheap and easily available substitutes such as artificial enzymes is anticipated to hamper the growth of the global papain powder market. Furthermore, the cost associated with the processing of papain is huge and requires huge initial investment commitments which may restrain the growth of the global papain powder market. Market goods for food & beverage companies face dramatically reduced usage and supply chain instability problems as the impacts of COVID-19 are felt around the world. Owing to the scarcity of raw material and lack of labor force, the papain manufacturers have reduced production. Papain is primarily consumed by the pharmaceutical and food and beverage sectors. As of now, due to disrupted manufacturing and supply chain of food and beverage and pharmaceutical products, the demand for papain is decreased globally. Besides the manufacturing of personal care and cosmetics, detergent and textile products are completely closed due to COVID-19, and animal feed industries also producing limited and essential products which are limited the growth of the global papain market. These factors are expected to leave a footprint on the global papain market for at least the next two years.

Papain Industry Outlook

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Papain Market. In 2019, Papain Market share is fragmented by the top ten players present in the market. Papain Market top 10 companies are Senthil Papain and Food Products (P) Ltd., FRUZYME BIO TECH INDIA PVT LTD, Shri Ganesh Industrial Enzymes, Aumgene Biosciences, Shree Sai Agros, Parchem fine & specialty chemicals, Ultra Bio-Logics Inc., LGM Pharma, Chemos GmbH, Beckmann-Kenko GmbH, AXO Industry SA. and others.

Acquisitions/Product Launches

In September 2012, Fenchem will launch a series of enzyme products to serve the food processing industry in the coming Fi Asia Indo, named FenlyaseTM, including Transglutaminase, Lipase and Papain, to satisfy the increasing demands and growing attentions are being paid to emerging challenges within food processing industry.

Key Takeaways

North America dominated the Papain Market with a share of 34% in the year 2019.

The factors such as Increase in health awareness, rise in demand for meat tenderizer, and surge in demand for natural enzymes are amongst the major factor projected to impel growth of Papain Market.

Technological development in the manufacturing of papain has led to increase in production with rise in use of papain in different end-user industry are the key factors owing to the growth in the segment during forecast period 2020-2025.

Related Reports :

A. Protein Ingredients Market
https://www.industryarc.com/Report/7495/protein-ingredient-market.html

B. Papain Powder Market
https://www.industryarc.com/Research/Papain-Powder-Market-Research-504577

For more Food and Beverages Market reports @ https://www.industryarc.com/Domain/6/food-beverages-market-research.html

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